New double tax agreement between Cyprus and Saudi Arabia

On 3 January 2018, Cyprus and Saudi Arabia signed a new agreement for the avoidance of double taxation with respect to taxes on income and for the prevention of tax evasion. The agreement is based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital and provides for the exchange of financial and other information in accordance with the relevant Article of the Model Convention. 

The agreement will take effect once formal ratification procedures have been completed.